Inflation-hit citizens in Pakistan may face another setback as the government, led by Prime Minister Shehbaz Sharif, is expected to increase petrol and diesel prices from January 16, 2025.
The anticipated hike comes amid a surge in global crude oil prices, with reports suggesting an increase of Rs 3 to 5 per litre. Crude oil prices have recently reached a three-month high, with Brent crude futures rising by 0.35% to $77.32 per barrel, marking the third consecutive weekly increase.
This trend is driven by fears of supply disruptions during winter and rising global energy demand. Experts attribute the price spike to concerns over supply issues rather than broader economic instability.
The Oil and Gas Regulatory Authority (OGRA) has proposed revised petroleum prices, which are under review by the Prime Minister and the Finance Division. If approved, the new rates will take effect on January 16.
Current petrol and diesel prices in Pakistan
This expected increase follows the government’s recent adjustments. On January 1, petrol prices rose by Rs 0.56 to Rs 252.66 per litre, while high-speed diesel prices increased by Rs 2.96 to Rs 258.34 per litre.
The ongoing surge in global oil prices is putting pressure on the government to adjust local fuel prices in line with international market trends, further straining the economy and public finances.
